Wedge Capital Management L L P NC Sells 31,461 Shares of Prudential Financial, Inc. $PRU

Wedge Capital Management L L P NC reduced its position in Prudential Financial, Inc. (NYSE:PRU) by 9.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 294,606 shares of the financial services provider’s stock after selling 31,461 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Prudential Financial were worth $33,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of PRU. Wealth Watch Advisors INC purchased a new position in shares of Prudential Financial during the 3rd quarter valued at $30,000. Chilton Capital Management LLC increased its stake in Prudential Financial by 146.5% in the 3rd quarter. Chilton Capital Management LLC now owns 350 shares of the financial services provider’s stock worth $36,000 after buying an additional 208 shares in the last quarter. Darwin Wealth Management LLC bought a new stake in Prudential Financial during the second quarter valued at about $36,000. Capital A Wealth Management LLC lifted its position in shares of Prudential Financial by 4,600.0% in the second quarter. Capital A Wealth Management LLC now owns 376 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 368 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Prudential Financial in the second quarter worth about $51,000. 56.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PRU has been the topic of several recent analyst reports. Weiss Ratings downgraded Prudential Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 13th. Keefe, Bruyette & Woods began coverage on shares of Prudential Financial in a report on Thursday. They set a “hold” rating and a $106.00 price objective for the company. Barclays lowered their target price on shares of Prudential Financial from $124.00 to $119.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 11th. Wall Street Zen cut shares of Prudential Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Wells Fargo & Company downgraded shares of Prudential Financial from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $115.00 to $103.00 in a report on Wednesday, February 25th. Nine analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $113.89.

Prudential Financial Stock Performance

NYSE PRU opened at $93.23 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16. Prudential Financial, Inc. has a 1-year low of $90.38 and a 1-year high of $119.76. The business has a 50 day simple moving average of $101.16 and a two-hundred day simple moving average of $105.59. The stock has a market capitalization of $32.44 billion, a PE ratio of 9.32, a P/E/G ratio of 1.17 and a beta of 0.98.

Prudential Financial (NYSE:PRU) last issued its quarterly earnings data on Tuesday, February 3rd. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.37 by ($0.07). Prudential Financial had a return on equity of 16.32% and a net margin of 6.20%.The firm had revenue of $14.52 billion for the quarter, compared to analysts’ expectations of $14.48 billion. During the same period last year, the company earned $2.96 earnings per share. On average, research analysts predict that Prudential Financial, Inc. will post 14.36 EPS for the current fiscal year.

Prudential Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Shareholders of record on Tuesday, February 17th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 6.0%. This is an increase from Prudential Financial’s previous quarterly dividend of $1.35. The ex-dividend date was Tuesday, February 17th. Prudential Financial’s dividend payout ratio (DPR) is 56.00%.

Insider Buying and Selling at Prudential Financial

In other Prudential Financial news, major shareholder Insurance Co Of Ame Prudential acquired 1,406,739 shares of the company’s stock in a transaction on Friday, January 23rd. The stock was acquired at an average cost of $24.87 per share, with a total value of $34,985,598.93. Following the purchase, the insider directly owned 7,709,624 shares of the company’s stock, valued at approximately $191,738,348.88. This represents a 22.32% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas D. Stoddard bought 250 shares of Prudential Financial stock in a transaction dated Tuesday, February 17th. The stock was acquired at an average price of $102.97 per share, for a total transaction of $25,742.50. Following the completion of the acquisition, the director owned 250 shares in the company, valued at approximately $25,742.50. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 1,408,389 shares of company stock valued at $35,154,439. Corporate insiders own 0.25% of the company’s stock.

Prudential Financial Company Profile

Prudential Financial, Inc, headquartered in Newark, New Jersey, is a diversified financial services company with roots dating to 1875. The firm provides a range of insurance, retirement and investment products aimed at helping individual and institutional clients manage risk, accumulate and protect wealth, and plan for retirement. Prudential’s long history in life insurance and related financial services has positioned it as a major participant in the U.S. insurance market and a provider of services to a broad client base.

Prudential’s core business activities include individual life insurance, annuities, retirement solutions and group insurance products for employers.